After hustling to meet unprecedented demand for the past three summers, Hamptons brokers are finally taking a breather — whether they like it or not.
New Yorkers who fled the city in search of yearlong homes during Covid have effectively decimated the area’s sales inventory. Rising rates then pushed new buyers and potential sellers to stay put.
“Our market really doesn’t plummet,” said sales broker Dana Trotter, managing partner at The Agency. “But we are seeing price corrections, especially in the high end.”
Meanwhile, inflated asking rents and an influx of rental inventory from homeowners who can now summer abroad has put a damper on leasing.
“Think about the personality of who rents in the Hamptons — super Type A,” said Compass broker Cindy Scholz. “No one wants to be a loser and say, ‘Oh yeah, I overpaid.’”
So what might drive a market snapback? Deconstruct talks pockets of demand, the waiting game for sales, and brokers’ forecasts for next summer.
Check out The Real Deal’s Deconstruct podcast on Apple, Spotify, Stitcher, Pandora and on TheRealDeal.com.
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